Stablecoin

bullish

Bitcoin

Toncoin

USDC

A day before the US election several crypto exchanges witnessed a rise in Stablecoins. As per data from IntoTheBlock, a huge number of Stablecoins like <a href="https://yellow.com/asset/usdc">USDC</a> (USDC-USD) and <a href="https://yellow.com/asset/usdt"> Tether </a>(USDT-USD) moved into <a href="https://www.tipranks.com/news/crypto-exchanges-see-a-big-jump-in-stablecoins-that-could-lead-to-fomo">crypto exchanges</a> on November 4. 
While USDC turned an $18.5 million outflow into a $33.6 million inflow, Tether converted its $43 million outflow into a $218 million inflow. This change happened over the November 2-3 weekend as the crypto market prepared for the US election week. In total, crypto exchanges received more than $250 million in stablecoins on November 4. 
This served as an indicator for the Bitcoin surge to $75000 on Tuesday in the run-up to the US elections as stablecoin deposits signalled traders' positioning to purchase BTC and other tokens. This caused the global market cap to rise to $2.39 trillion from $2.33 trillion on November 5. 
The crypto whale activity also surged as stablecoins transactions were on the rise. While USDC transactions jumped 190% to touch $8.93 billion, USDT saw a 187% increase in transactions to reach $6.62 billion. 
Crypto analysts thought that this could trigger a fear of missing out amongst traders which was vindicated by the bullish price movement seen in the BTC chart. 
Meanwhile, the Open Network token Toncoin (<a href="https://yellow.com/asset/ton">TON</a>) saw a 134% surge year-on-year spike in its value as it rolled out many projects recently. USDT turned out to be the most used token in the Open Network. 
The network has processed over 3 million Tether transactions in the last 30 days which is contrary to the belief that the Open Network is only used for speculative projects. This development is likely to attract more crypto investors to TON, making way for practical applications possible. 
At the time of publication, TON was trading at $4.74, up 0.72% in the last 24 hours while Tether was up 0.08% to trade at $1.00 and USDC down 0.03% to trade at $0.999.

Stablecoin Inflow To Crypto Exchanges Crossed $250M Ahead of the US Election

Yellow News

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